💣 United Kingdom🇬🇧: Revolut UK Bank license suspended

💣 United Kingdom🇬🇧: Revolut UK Bank license suspended

Regulators have raised concerns over risk management in cross-border payments.

➡️ Last year, after three years of discussions with regulators, the UK-Lithuanian digital bank obtained a provisional banking license valid for 12 months, allowing it to accept limited deposits while developing its risk control and compliance infrastructure.

➡️ Upon the license’s expiry, both the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) raised objections concerning the company’s management of international payment operations.

➡️ The decision was reportedly also influenced by a previous incident that caused reputational damage to the company and its founders, Nikolay Storonsky and Vlad Yatsenko.

➡️ Context: among the top five financial apps in the UK for 2024 were Revolut (15.6 million users), Monzo (1.8 million), Starling (463,000), Virgin Money (242,000), and First Direct (194,000).

Revolut leads the market with over 12 million customers in the UK, making the suspension a significant setback for its operations and reputation.

#news #Europe #fintech

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